Welcome to our dedicated page for HAGERTY news (Ticker: HGTY), a resource for investors and traders seeking the latest updates and insights on HAGERTY stock.
Hagerty Inc. (HGTY): A Comprehensive Automotive Enthusiast Brand
Hagerty Inc., a renowned name in the automotive industry, operates as a specialty vehicle insurance provider and an expert in car valuation and automotive lifestyle experiences. As an automotive enthusiast brand and trusted source for specialty vehicle insurance, Hagerty has evolved from its niche beginnings to become a global community that fuels car culture by offering integrated membership products, exclusive events, and innovative digital services. With a strong foundation built by individuals who share an abiding passion for cars, Hagerty is committed to saving driving and preserving automotive heritage for future generations.
At its core, Hagerty provides a spectrum of products and services that cater to the needs of collector car owners and automotive enthusiasts. The company underwrites, sells, and services insurance policies tailored to the unique requirements of classic and collectible vehicles. Simultaneously, it offers expert car valuation tools, auction services, digital marketplace solutions, and immersive events designed to connect enthusiasts worldwide.
Business Model and Core Offerings
Hagerty’s business model is multifaceted and centered on the mutual reinforcement of its various offerings:
- Specialty Insurance: Hagerty underwrites insurance policies focused on collectible and classic cars. Its policies are designed with niche coverage criteria that address the specific risks and valuation needs of automotive treasures, ensuring that members’ investments are protected.
- Automotive Valuation and Expertise: Beyond insurance, the company provides in-depth car valuation data and insights that are crucial for collectors, auction houses, and dealerships. This expertise is rooted in extensive historical data and a thorough understanding of automotive trends.
- Membership and Community: With its flagship Hagerty Drivers Club, the company fosters a vibrant community of automotive enthusiasts. This membership platform not only offers insurance benefits but also provides access to exclusive events, driving experiences, and social interactions that bind the community together.
- Digital Marketplace and Auction Services: Hagerty seamlessly integrates live and digital car auction services with its online marketplace, offering a trusted platform for buying and selling collectible vehicles. This digital infrastructure is supported by state-of-the-art technology investment aimed at enhancing user experience and transactional efficiency.
- Experiential Events and Media: Emphasizing its role as a lifestyle brand, Hagerty organizes and sponsors connoisseur events such as concours d’elegance, car shows, and other immersive automotive experiences. These events not only celebrate automotive artistry but also serve as a critical engagement tool for the company’s members.
The synergy of these offerings creates a recurring revenue model through commission, fees, and membership contributions. It positions Hagerty uniquely in the market by merging financial services with lifestyle and community-driven engagement.
Market Position and Industry Expertise
Hagerty is recognized as a trusted name in automotive insurance and as a pioneer in connecting car enthusiasts. Its operations span key markets including the United States, Canada, and Europe, underlined by an unwavering commitment to quality, transparency, and expertise in the automotive domain. The company’s deep industry experience is reflected in its ability to offer tailored products that resonate with both long-time collectors and newer generations of car enthusiasts.
In an industry rife with traditional risk-based insurance models, Hagerty differentiates itself through its integrated approach. It leverages its passion for cars to educate its members, provide accurate and reliable valuation data, and facilitate transactions in the secondary car market. By combining digital innovation with a well-established brand legacy, Hagerty offers advanced risk assessment models and personalized insurance solutions, setting itself apart from conventional insurers.
Commitment to Quality and Community
Hagerty’s mission to save driving is rooted in a genuine love for automotive culture. The company’s investments in technology not only streamline its operational processes but also enhance the overall member experience. Further, by organizing events and offering digital engagement platforms, Hagerty nurtures a sense of belonging and loyalty amongst its members. Its activities span beyond financial services; they are about celebrating the passion for driving and preserving automotive heritage.
Every aspect of Hagerty’s business—from underwriting niche insurance policies to hosting elegant events—reflects its holistic approach to car culture. This makes Hagerty an indispensable resource for enthusiasts seeking reliable advice, comprehensive valuation, and a community that shares their passion.
Strategic Insights and Analysis
Industry analysts note that Hagerty’s comprehensive ecosystem is built on a foundation of expertise, operational efficiency, and strong market engagement. The company’s integrated approach allows it to benefit from cross-selling opportunities and the cumulative trust of its widely recognized Hagerty Drivers Club. Additionally, its methods in car valuation and market analysis solidify its authority in a competitive market that requires more than generic insurance products.
Key industry-specific keywords, such as specialty vehicle insurance, automotive valuation, and digital car auctions, are seamlessly integrated within Hagerty’s narrative, resonating with search intent around financial services, automotive events, and expert car valuation insights.
Why Hagerty Stands Out
Hagerty’s unique blend of insurance expertise, digital innovation, community-driven membership, and personalized automotive services exemplifies its commitment to both operational excellence and cultural preservation. By maintaining a balanced focus on both the financial safety and the emotional connection of car ownership, Hagerty has etched a distinctive niche in the automotive industry. Its methodical approach to underwriting risk, combined with its artistic engagement in auto culture, positions the company as an expert and trusted partner for collectors and enthusiasts seeking to protect and celebrate their investments.
The comprehensive nature of Hagerty’s offerings makes it a standout case study in blending financial expertise with lifestyle branding, ensuring that every service it provides is backed by deep industry knowledge and an authentic passion for cars. Whether through tailored insurance policies, dedicated community memberships, or innovative digital solutions, Hagerty offers a robust platform for preserving the joy of driving and the legacy of automotive culture.
The 2025 Greenwich Concours d'Elegance is set to take place from May 30 to June 1 at Roger Sherman Baldwin Park in Greenwich, Connecticut. The event will feature renowned automotive collector Ralph Marano as Grand Marshal, known for his exceptional collection of 85 classic Packard models.
New for 2025, the event introduces Reverie, an exclusive Friday evening gathering combining coastal luxury with fine dining and entertainment. The weekend continues with Saturday's Concours de Sport, showcasing sports, racing, and supercars, while Sunday's Concours d'Elegance presents elegant and historically significant vehicles.
The event features diverse vehicle classes including Mid-Engine Revolution, Early Porsche 356's, Classic BMW Coupes, and celebrates the 50th Anniversary of Lamborghini Countach. Sunday's classes showcase Muscle/Performance cars, 100 Years of Chrysler, Art Deco Streamliners, and various Pre-War and Post-War classics.
The 30th Annual Amelia Concours d'Elegance celebrated automotive excellence with over 240 historic vehicles across 35 classes. The event's highest honors were awarded to a 1938 Alfa Romeo 8C 2900 (Best of Show, Concours d'Elegance) and a 1967 Lotus 49 (Best of Show, Concours de Sport).
The weekend attracted 17,000 attendees and featured racing icon Hélio Castroneves and actor Patrick Dempsey. The event raised $119,000 for local nonprofits and involved over 500 volunteers.
The accompanying Broad Arrow Auctions achieved $61.7 million in total sales with an 88% sell-through rate. The auction's highlight was a 1959 Ferrari 250 GT LWB California Spider Competizione, selling for $9,465,000, becoming Broad Arrow's most valuable sale ever.
Hagerty (NYSE: HGTY) reported strong financial results for 2024, with total revenue increasing 20% year-over-year to $1.200 billion. The company achieved significant growth across key metrics, including a 15% increase in written premium to $1.044 billion and added a record 279,000 new members.
Notable achievements include a 178% increase in net income to $78.3 million and a 41% rise in Adjusted EBITDA to $124.5 million. The company's marketplace revenue saw exceptional growth of 90% year-over-year to $54.3 million. Hagerty maintained strong customer retention with an 89% policies-in-force retention rate.
For 2025, Hagerty projects written premium growth of 13-14%, total revenue growth of 12-13%, and net income growth of 30-40%. The company plans $20 million in technology investments and aims to more than double its policy count to three million by 2030.
Hagerty (NYSE: HGTY), an automotive enthusiast brand and specialty vehicle insurance provider, has scheduled its fourth quarter 2024 financial results announcement for Tuesday, March 4, 2025, before market opening. The company will host a conference call at 10:00 am Eastern Time to discuss the results.
Investors can access the live webcast through Hagerty's investor relations website at investor.hagerty.com. For those joining by phone, the dial-in numbers are (877) 423-9813 (toll-free) and (201) 689-8573 (international). Participants are advised to dial in 10 minutes before the start time. A replay of the webcast will be available on the investor relations website after the call.
Reverie, a new immersive hospitality experience, will celebrate 30 years of The Amelia at the Ritz-Carlton Amelia Island on March 6, 2025. The event features automotive-themed culinary pairings by Chef Zane Nesbit alongside classic cars from the Broad Arrow Auction preview.
The celebration includes eight unique vehicle and food pairing vignettes, featuring iconic cars like the 1959 Ferrari 250 GT LWB California Spider Competizione and 1965 Aston Martin DB5, each matched with gourmet dishes. The event offers immersive experiences including a Fedora Hat & Cigar Bar, Fragrance Studio, and live entertainment with typewriter poets and sketch artists.
The evening includes a cocktail reception on the oceanfront, live DJ entertainment, exclusive lounges, and a hosted bar. VIP tables for six are available with special perks including caviar and dedicated cocktail service.
Hagerty has released its 2025 U.S. Bull Market list, featuring 11 collector vehicles expected to appreciate in value. The analysis reveals a significant trend toward post-1980s vehicles, reflecting younger enthusiasts' growing interest in the collector car market.
Notable entries include the 1978-1983 Datsun 280ZX (valued at $32,800, up 138% since 2019), the 1981-1983 DeLorean DMC-12 ($75,100, up 73% since 2019), and the 2003-2013 Lamborghini Gallardo ($157,700). The average model year on this year's list is 2001, compared to earlier lists averaging 1989-1991.
The selection process involved analyzing data from public and private sales, historic trends, and insurance valuations. Hagerty's research shows that nearly 60% of Gen Z respondents express interest in collector car ownership, compared to 31% of Baby Boomers.
The Amelia, a leading global concours weekend, has announced Hélio Castroneves as its 2025 honoree. Castroneves, a four-time Indianapolis 500 winner (2001, 2002, 2009, 2021) and 2020 IMSA champion, was selected for his excellence in racing and competitive spirit. The event, celebrating its 30th year in 2025, will be held at The Ritz-Carlton, Amelia Island from March 6-9, featuring seminars, auctions, driving experiences, and the Concours d'Elegance with nearly 300 cars in 30 classes. Featured classes include Corvette at Sebring, 1930s Alfa Romeos, and Formula 1 Cars 1950-Present.
Hagerty (NYSE: HGTY) announced a new docuseries, Back on Track, featuring actor Patrick Dempsey's return to racing. In collaboration with the Mobil 1 team, the four-part series offers behind-the-scenes access as Dempsey competes in the Porsche Endurance Challenge North America. The series premieres on November 11 via Hagerty Media's YouTube and Samsung TV+ channels. Subsequent episodes will air on November 18, November 25, and December 5. The docuseries follows Dempsey and teammate Patrick Long as they race the #98 Wright Motorsports Porsche 718 Cayman GT4 RS Clubsport across various tracks including Circuit of the Americas, Road America, and Sonoma Raceway. The final race is a six-hour enduro at Circuit of the Americas. The series also features racer Tanner Foust and showcases a bespoke livery for Dempsey's Porsche, commemorating Mobil 1's 50th anniversary.
Hagerty reported third quarter 2024 results, highlighting a 17% increase in total revenue year-over-year to $323.4 million and a 13% rise in written premium to $287.6 million. Year-to-date, total revenue grew by 20% to $908.3 million, and written premium increased by 16% to $827.1 million.
Marketplace revenue surged 66% year-over-year in Q3 to $21.6 million. However, the loss ratio increased to 60.0% from 41.1% due to $24.7 million in pre-tax catastrophe losses from Hurricane Helene.
Net income for Q3 was $19.0 million, up slightly by $0.4 million, whereas adjusted EBITDA decreased by $13.2 million to $24.2 million. Despite these challenges, Hagerty raised its 2024 revenue growth outlook to 18-19% and written premium growth to 15%, adjusting for hurricane-related losses.
Net income growth is projected at 131-163%, with adjusted EBITDA expected to grow by 25-36%.
Hagerty (NYSE: HGTY), an automotive enthusiast brand and specialty vehicle insurance provider, announced it will release its third quarter 2024 financial results before market opening on Thursday, November 7, 2024. The company will host a conference call at 10:00 am Eastern Time to discuss the results. Investors can access the call via toll-free number (877) 423-9813 or international number (201) 689-8573, and should dial in 10 minutes before start time. A live webcast and replay will be available on Hagerty's investor relations website.
FAQ
What is the current stock price of HAGERTY (HGTY)?
What is the market cap of HAGERTY (HGTY)?
What is Hagerty Inc.'s core business?
How does Hagerty differentiate itself in the insurance market?
What types of products and services does Hagerty offer?
Who are Hagerty’s primary customers?
How does the Hagerty Drivers Club enhance the company's offerings?
What role does technology play in Hagerty’s business model?
How does Hagerty support car culture?
How is Hagerty positioned against its competitors?
